A recent study of the International Forum of Independent Audit Regulators (IFIAR) has shown that 42% of today’s worldwide audits have significant disadvantages.  It should be noted that this figure was 43% in 2015. Consequently, it can be said about though minor but decrease in the number of low-quality audits.

Brian Hunt, IFIAR Chairman and head of the Canadian Accounting Publications Board, commenting on the results of the study, said that this was just shocking statistics. He recalled that the six largest auditing companies in the world after the 2015 IFIAR study took the challenge to reduce the number of violations in the audit to 25%. The planned implementation is scheduled for 2019.

“Audit firms are working on errors, trying to reduce their number, however, while the results of their work are disappointing. Even reducing the number of inadequate audits to the planned 25% will mean that every third world audit has significant disadvantages” - Brian Hunt said.

According to the expert, today all audit firms are able to provide high-quality services. At the same time, it is important that providers of these services as well as customers and regulators have to take care of the quality of the audit.

It should be recalled that International Forum of Independent Audit Regulators was created in 2006. It consists of independent audit authorities from 52 countries - representatives of the regions of Africa, North America, South America, Europe, Asia and Oceania. The main purpose of the organization is to protect the interests of investors through ensuring the quality of the audit.